Bankruptcy in Newcastle – Am I going to lose my job if I go bankrupt?

Ultimately everyone coping with Bankruptcy in Newcastle has this anxiety about their job, and the answer to the question is ‘maybe’. The trouble with some occupations isn’t that you cannot do the job any longer, it’s more a concern of professional bodies or institutions that view bankruptcy in a dim light and can keep it difficult for you.

When it involves Bankruptcy and employment in Newcastle, what I would say is that you do your own due diligence here, do the research and go through that process first before declaring bankruptcy – considering that this may really help you decide. Check to see if your job is on the list listed here. If it is, I ‘d reach out to them directly and shed light on your situation. Some affiliations won’t have an issue with your bankruptcy just as long as it wasn’t accompanied by underhanded or questionable behaviour.

If you are affected by this area of Bankruptcy and licences, often you won’t lose your Licence permanently; it just gets suspended for the 3 years of your bankruptcy. If your profession happens to be on the checklist and you’ve consulted with them but they won’t budge, then I ‘d recommend you seek some qualified advice. This may be one of those unusual occasions when I ‘d endorse using a Debt Agreement or a Personal Insolvency Agreement.

Remember in most cases you don’t have to leave the industry you are working in; you just have to work under another’s Licence for a time. In the building sector this is especially relevant: if you’re an electrician as an example, there is nothing stopping you teaming up with another electrician in Newcastle under their Licence.

Please take a look at the table below, it deals with the license and company part of Bankruptcy. It’s arranged on a state by state premise, and you’ll discover that there’s a listing called “Operating a business.” Please don’t stress if you run your very own company. One of the limitations of bankruptcy is you can’t be a director of a company, but all this in fact means is that you must restructure your business.

Simply for your peace of mind I’ll tell you now that you can still own and run this company as a sole trader. There are no limitations: you can hire staff and turn over any volume of money. Commonly people who run their personal business have debts that are business related and it can become truly complicated, so it’s best to obtain some skilled advice as opposed to going it alone.

If you would like to learn more about what to do, where to turn and what questions to ask about Bankruptcy, then feel free to get in touch with Bankruptcy Experts Newcastle on 1300 795 575, or check out our website: www.bankruptcyexpertsnewcastle.com.au.

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